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A bank holding a $1 million loan to the owners of a south-side steakhouse is accusing them of defaulting on the note and is seeking to foreclose on the restaurant.

Pasadena, Calif.-based OneWest Bank is suing the Polo Club, 4302 S. East St., the former site of a Steak and Ale restaurant.

Steak and Ale’s Plano, Texas-based owner went bankrupt in July 2008. The owner, S&A Restaurant Corp., is listed as a defendant in the foreclosure.

La Jolla Bank made the $1 million loan in December 2006. OneWest Bank inherited the loan after the Federal Deposit Insurance Corp. closed La Jolla in February 2010.

Metromedia Restaurant Group purchased S&A Restaurant in 1988 and five years later merged the company with Metromedia Steak Houses chains Bonanza and Ponderosa. All three chains operated under the S&A Restaurant brand. Metromedia closed the Steak and Ale restaurants in July 2008.

Polo Club’s owner, Carmi Bond, re-opened the South East Street location under the new name in December 2008. Reached by phone, Bond said he had no comment on the foreclosure attempt.

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On Tuesday, April 24 IBJ & Indiana University will host Education-to-Employment (E2E) Convergence, a panel discussion focused on how Indiana can build a talent strategy around a more highly educated workforce. E2E will identify examples of successful partnerships to better integrate college graduates into our workforce from around the state. Register today.